Our son is purchasing a newly built flat in Canonbury with a mortgage from UBS. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the UBS conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Canonbury? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Canonbury conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, property lawyers are required to investigate not just the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this may result in your lawyer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
How does conveyancing in Canonbury differ for new build properties?
Most buyers of new build or newly converted property in Canonbury approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in Canonbury usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Canonbury or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Canonbury is where the house is located. Can you shed any light on this issue?
Flying freeholds in Canonbury are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Canonbury you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Canonbury may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Should I be concerned that third parties that I am dealing with are recommending an internet conveyancing firm rather than a local Canonbury conveyancing practice?
As is the case with lots of professional services, often input from relatives can be very helpful. Nevertheless there are numerous players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies might all recommend lawyers to select. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying financial incentive behind the recommendation. You are free to appoint your own lawyer. You need to be aware that the majority of mortgage providers specify a panel list of conveyancers you are obliged to use for the mortgage aspect of your transaction.
Can you provide any top tips for leasehold conveyancing in Canonbury with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Canonbury can be reduced where you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers. You believe that you know the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the lease term is below 75 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. The majority of landlords or Management Companies in Canonbury levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Canonbury. If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Organising a new share certificate is often a time consuming formality and delays many a Canonbury conveyancing deal. Where a reissued share is required, do contact the company officers or managing agents (if relevant) for this sooner rather than later.
Following years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Canonbury. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We are happy to put you in touch with a Canonbury conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Canonbury flat is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The remaining number of years on the lease was 80.5 years.